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Today's Prices (Wed pm)


CME LIVESTOCK:  Live Cattle: $184.275 (+1.60); Feeder Cattle: $258.55 (-0.075); Hogs: $91.65 (+0.375)


CME GRAINS:     Corn: $3.98 (+0.0225); Wheat: $5.3925 (+0.085); Soybeans: $10.9725 (+0.0675); Soybean Meal: $339.10 (+3.70)

STOCK UPDATE:     Dow 30: 41,198.08 (+243.60); Nasdaq: 17,996.92 (-512.42); S&P 500: 5,588.27 (-78.93) (Broader Market Slides As Chip Stocks Plunge)


ENERGY PRICES:   Crude Oil: $82.94 (+2.18); Ethanol: $1.785 (-0.05); Natural Gas: $2.048 (-0.14) (Crude Rallies on Dollar Weakness and Tighter US Oil Supplies)


BOXED BEEF:   Choice: $318.16 (-1.10); Select: $298.44 (-3.15); Ch/Se Spread: 19.72; Total Loads: 163 compared to 150 on Tuesday


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To view the most recent prices and news, please visit the U.S. Cattle Report Channel.


Highlights (Cattle Report Channel)

  1.  CME Live Cattle: $184.275 (+1.60); Feeder Cattle: $258.55 (-0.075);  Corn: $3.98 (+0.0225) 
  2. CORN PROGRESS:  24% of the corn in the United States had silked by July 7th, compared to 11% last week and 18% last year. Corn condition rated at 78% good to excellent, compared to 77% last week and 55% last year
  3.  RTI (7-Day Feeder Cattle Index):  $256.23  (-0.36)
  4. AMARILLO: Scattered showers and thunderstorms, mainly after 4pm. Mostly cloudy, then gradually becoming sunny, with a high near 91  (WED)
  5. Boxed beef down $1.10 on Wed to $318.16
  6. CATTLE TRADE:  Cash trade at a standstill
  7. COT:  Funds decrease net long position by 1.5K to 61.9K contracts 
  8. BEEF EXPORTS:  Beef sales marketing year low at 8.3K mt
  9. Wed cattle slaughter at 121K, WTD up 6K
  10. Daily drop up 1 cent on Wed to $11.56
  11. DROUGHT MONITOR:  48.18% of Contiguous U.S. in drought compared to 47.26% last week and 48.70% last year 
  12. Gas prices up 1 cent this week to $3.50, down $0.06 from last year
  13. Diesel prices down 4 cents this week to $3.83, up $0.02 from last year
  14. CATTLE ON FEED:  Inventory down slightly;  Placements up 4%
  15. Beef production up 14.8% from last week, cattle weights up 39 lbs from last year
  16. NATURAL GAS:   Henry Hub up 32 cents to $2.37

Severe Thunderstorm Threat From the Central Plains to the Northeast; Extreme HeatRisk for the East Coast   (WED)  

Strong to severe thunderstorms are possible from the central Plains to the Northeast through this evening. Widespread damaging winds are the primary threat but hail and a tornado or two is also possible. Extremely dangerous heat continues across the Eastern U.S. Warm overnight low temperatures will provide little to no relief.

CATTLE TRADE:  Cash trade at a standstill

Thus far for Wednesday in the Texas Panhandle negotiated cash trade has been slow on light demand. In Kansas negotiated cash trading has been slow on light to moderate demand. Last week in the Southern Plains live FOB purchases traded at 188.00. In Nebraska negotiated cash trade has been at a standstill. In the Western Cornbelt negotiated cash trading was mostly inactive on light demand.  Last week in Nebraska live FOB purchases traded at 198.00 and dressed delivered purchases traded at 312.00, with a few up to 315.00. Last week in the Western Cornbelt live FOB purchases ranged from 190.00-199.00, with the bulk steady at 198.00, and dressed delivered purchases ranged from 310.00-317.00, with the bulk at 312.00.

CATTLE ON FEED:  Inventory down slightly;  Placements up 4%

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.6 million head on June 1, 2024. The inventory was slightly below June 1, 2023.   Placements in feedlots during May totaled 2.05 million head, 4 percent above 2023. Net placements were 1.98 million head. During May, placements of cattle and calves weighing less than 600 pounds were 395,000 head, 600-699 pounds were 315,000 head, 700-799 pounds were 485,000 head, 800-899 pounds were 531,000 head, 900-999 pounds were 230,000 head, and 1,000 pounds and greater were 90,000 head.  Marketings of fed cattle during May totaled 1.96 million head, slightly above 2023.   Other disappearance totaled 62,000 head during May, 16 percent below 2023.

NATIONAL DROUGHT MONITOR

Like the Midwest, most of the region recorded precipitation during the week with pockets of heavier rains in Nebraska, Kansas, South Dakota and southeast Colorado. Cooler-than-normal temperatures dominated the region with almost all areas below normal for the week. The greatest departures were in Nebraska, South Dakota and Wyoming with temperatures 6-8 degrees below normal. With much of the region drought free, there were pockets of improvement over Nebraska, western Kansas and southeast Colorado where abnormally dry and moderate drought areas were reduced. 

U.S. EXPORT SALES:  Beef sales marketing year low

 Net sales of 8,300 MT for 2024--a marketing-year low--were down 46 percent from the previous week and 43 percent from the prior 4-week average. Increases were primarily for South Korea (2,500 MT, including decreases of 400 MT), China (1,900 MT, including decreases of 100 MT), Japan (1,400 MT, including decreases of 400 MT), Canada (800 MT, including decreases of 100 MT), and Taiwan (400 MT, including decreases of 200 MT). Exports of 14,300 MT were down 11 percent from the previous week and 13 percent from the prior 4-week average. The destinations were primarily to Japan (3,800 MT), South Korea (2,600 MT), China (2,000 MT), Mexico (1,800 MT), and Taiwan (1,800 MT). 

Weekly Beef Production up 14.8%, Cattle Weights Up 39 Pounds From Last Year

Weekly beef production has seen a significant rise, estimated at 506.0 million pounds, marking a 14.8% increase from last week. However, it's still down 1.7% compared to the same period last year. On a year-to-date basis, beef production stands at 14.1 billion pounds, which is a slight decline of 1.6% from last year. This data highlights a notable uptick in recent production activity, despite overall yearly figures remaining slightly lower.

Livestock Comments:  Dr. Andrew Griffith

Fed cattle traded $2 to $4 lower in the South compared to last week. Price in the South were mainly $188 and $198 in the North on a live basis. Dressed trade was mainly $312 to $313.  The 5-area weighted average prices thru Thursday were $194.11 live, down $1.26 compared to last week and $312.86 dressed, down $0.98 from a week ago. A year ago, prices were $182.99 live and $291.25 dressed.   The price gap between cattle in the South and the North may be a little wider this week than the previous week with larger week-over-week price declines in the South. The market may see further softening in finished cattle prices moving through the remainder of the summer and will not find support to push higher through the fall. 

CATTLE SLAUGHTHER:   Wednesday slaughter at 121K head, compared to 122K last week and 122K last year. WTD slaughter at 360K head, compared to 354K last week and 369K last year

THE BEEF READ:   Steady... Packer bids at steady money surfaced in the south this morning at $188 and trade has developed there in Kansas and Texas. This steady trade ignited a triple digit rally in lead August LC and double digit elsewhere as the market made new highs for the move and reached the highest point since the day of the big break, July 9 (THE BEEF)

DAILY DROP:   The hide and offal value was estimated at $11.56, up 1 cent from Tuesday


Rob Cook, RobCookKC@gmail.com